Gray Divorce Poses Unique Challenges for Property Division

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Many couples in Georgia, Georgia, intend for their marriage to last forever. However, divorce is sometimes necessary, even for older couples. Dissolution of a marriage, in general, can be challenging, but it can be even more complicated for older couples.

Divorce between senior spouses, also known as "gray" divorce, poses unique financial challenges because it is more likely that the couple will have accumulated a portfolio of assets. It could take significant time and effort to inventory and assess the value of the marital assets, such as real estate, money and savings accounts, benefit plans and business shares.

Because divorce is occurring years after the marriage began, it is also possible that one of the spouses will have financial issues if a fair property settlement is not reached. For example, a spouse who passed up employment opportunities to take care of the home and children would not have had any opportunity to accumulate outside assets.

Setting up separate households can also be daunting for older divorced spouses. Many divorcees may assume that expenses after divorce will be half of married expenses. However, spouses living separately and relying on an individual source of income may underestimate expenses.

It is important for older divorcing couples in Cobb County, Georgia, to prepare emotionally and financially. It is important to have a copy of all financial documents in a safe place. Property division can cause disputes because some assets may hold sentimental value or one spouse may find the distribution unfair. It may be necessary to hire a financial adviser or a legal professional for sound financial advice. A professional can help assess the value of the marital properties and ensure that all marital properties are accounted for and distributed fairly between the couple.